Navy Federal Lowers Deposit on Its nRewards Secured Card

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The smaller deposit, launched in December 2018, is intended to make the Navy Federal Credit Union® nRewards® Secured Credit Card more accessible to the 8 million Navy Federal Credit Union members who may be seeking to build or rebuild their credit but might be finding it difficult to put up a big chunk of cash for a deposit.

“We’re committed to the financial success and well-being of our members,” said Aaron Aggerwal, assistant vice president of credit cards at Navy Federal, in a statement. “Many of them are looking for a card that helps them establish or build credit, but the reality is not everyone has $500 to invest in a secured card. By lowering the nRewards security deposit to $200, we’re able to provide more credit-building opportunities for those that need it most.”

Although there are a handful of other secured cards that allow you to put down an opening deposit of $200 or less, most charge fees and/or don’t offer rewards or other perks. The Navy Federal Credit Union® nRewards® Secured Credit Card offers a suite of features that help it stand out among secured cards, including:

No annual fee, balance transfer fee or foreign transaction fee.

Rewards of one point per $1 spent. A point is worth about one cent and can be redeemed for cash, merchandise or gift cards.

Collision damage waiver coverage when you rent a car for 15 days or less.

Cell phone insurance coverage for up to three phones when the bill is paid for with the Navy Federal Credit Union® nRewards® Secured Credit Card.

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